The financial media does such a funny thing where if any asset is down, they tend to come by and give it a nice swift kick as well and most recently that kick came from Bloomberg.
“Bitcoin’s $1 Trillion Identity Crisis Hits From Every Direction.”
So for context Bloomberg is the same outlet that called Bitcoin dead in 2014, 2018 and 2022… which in the past have been fantastic times to buy.
“If you’re going through hell, keep going.”
Their argument is that Bitcoin has lost its purpose.
Gold is beating it as a macro hedge.
Stablecoins are where most of the payments are taking place.
Prediction markets are stealing the speculation (aka gamblers).
One analyst they quoted said Bitcoin is “simply a speculative asset.” Another said the real fight isn’t about price anymore... it’s about purpose.
And you know what, some of it is true.
Bitcoin IS down 46% from its October high. Gold ETFs HAVE pulled in $16 billion while Bitcoin ETFs lost $3.3 billion over the past three months and the price has been getting crushed because of it.
But here’s what Bloomberg’s obituary conveniently ignores.
They quoted Dan Morehead from Pantera Capital at the very end and he said something that every Bitcoin investor should take into account… “There’s always somebody spreading fear, uncertainty, doubt. There’s always a problem.”
Then he added the part that matters: “I just think it’s a natural desire of people who are skeptical on how important cellphone-based money is to the world.”
Listen, Bitcoin has survived Mt. Gox, like 8 China mining bans, the 2022 implosion when FTX, Luna, and Three Arrows all blew up simultaneously.
Every single time the mainstream media wrote the obituary... Bitcoin came back stronger.
In fact it’s become such a trope that there is a website that tracks Bitcoin “deaths” called
https://bitcoindeaths.com/
467 purchase of $100 worth of Bitcoin would have your cost basis be $46,700 and you would have made $70,572,800.
A 1511X return on your investment., which is a hell of a lot of money to make off of obituaries.
But I’ve never been one to subscribe that Gold and Bitcoin are competitors because Bitcoin is a technology and gold is a mineral.
But what has happened in the past is that gold surges first in uncertainty and Bitcoin tends to follow with a 6-12 month lag.
We’ve seen this pattern play out three times already which frankly is not enough times to really say it’s a “pattern” on a statistical basis, but humans are going to human and look for patterns immediately.
When Bitcoin hits $1 million, gold will still exist, dollars will still be used and prediction markets will still be here.
That thesis has never been stronger but Bloomberg is concerned with counting clicks and not Sats.
Americans Are Googling “Bitcoin to Zero.” Historically, That’s a Buy Signal.
Google Trends data dropped Friday and it’s pretty funny.
U.S. searches for “Bitcoin to zero” hit a perfect 100 on Google’s relative interest scale in February. That’s the all-time record.
Americans are more terrified of Bitcoin going to zero right now than at any point in history and at this point when I’m writing this newsletter the price is about $67,000.
I was around for the 2022 FTX collapse when the price fell below $21,000. Here’s a comic showing the current view of people on Google trends.
But here’s the thing that most people skip over.
Globally those same fear searches peaked at 100 back in August.
By February, they’d fallen to 38. The rest of the world is getting LESS scared while Americans are hitting peak panic.
This fear is concentrated, regional and U.S.-specific catalysts are driving it like... tariffs, the Iran situation, and tech stock wobbles.
And historically?
When U.S. “Bitcoin to zero” searches spiked like this in 2021 and 2022, those moments aligned with local price bottoms not always perfectly... but the pattern is consistent enough to pay attention.
The thing is, this time IS different in one significant way.
Bitcoin’s user base is dramatically larger than in 2022. A Google Trends score of 100 on a much bigger base doesn’t mean the exact same thing because there’s way more noise in the signal.
CoinDesk’s own analysis calls it “contrarian fuel” but says it doesn’t guarantee a clean reversal and that’s a fair assessment.
I’ve never believed that you’ll ever fully 100% time the market.
But if searches are saying “Bitcoin to zero” right now and during the bull markets it says things like “how to buy a Lambo with Bitcoin” it’s probably not a bad time to take the opposing viewpoint and use it to your advantage.
But the institutions, the sovereign funds, the corporate treasuries... they’re all quietly accumulating at $67,000 while retail investors Google “Bitcoin to zero”?
That’s not a death signal. That’s a transfer of wealth from weak hands to strong ones.
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K33 Research Says This Looks Exactly Like Late 2022. Remember What Happened After Late 2022?
Here’s the story nobody’s talking about.
K33 Research which is one of the most respected crypto analytics firms just published a report saying Bitcoin’s current market structure has “striking similarities” to late September and mid-November 2022.
That’s not a casual comparison. Let me remind you what happened after late 2022.
Bitcoin was sitting at $15,500, trading volumes had collapsed and sentiment was in the gutter.
Then Bitcoin went from $15,500 to $126,000, an 8X return.
K33 analyst Vetle Lunde laid out the data.
Spot volumes have fallen 59% week-over-week.
Perpetual futures open interest hit a four-month low.
Funding rates have been negative for 11 straight days.
The Fear & Greed Index touched 5... the lowest reading in the history of the index.
Now the market could always of course go down lower of course but the slower movement, the flushed out excess, the lowering of leverage usually signal lows.
And here’s the part that matters for anyone thinking long-term.
Bitcoin ETF holdings have dropped 103,113 BTC from their October peak.
Sounds terrifying, right except that’s only 7% of peak exposure which means that 93% of institutional ETF positions remain intact.
The institutions didn’t leave. They’re sitting, waiting and some are adding.
Lunde expects Bitcoin to trade in a $60,000 to $75,000 range for an “extended period.” That’s not exciting if you’re hoping for a moon shot next week but if you’re building a position for the next decade that’s a heck of an accumulation zone.
When Bitcoin consolidated at $15,000-$20,000 in late 2022, the average 90-day forward return from similar conditions was modest... around 3%. But the 12-month return? The two-year return? Those were the numbers that changed lives.
Every single one of these signals would terrify a casual observer. And every single one of those signals, historically, has preceded massive Bitcoin rallies.
When you look back on February 2026 from wherever Bitcoin is in 2030... you’re going to remember this moment. The question is whether you’ll remember it with relief or regret.
The fear is real. The fundamentals are stronger than the fear.
Anthony
P.S. If you haven’t ordered “The Million Dollar Bitcoin” yet, do it now. This newsletter gives you headlines. The book gives you the complete thesis. Available on Amazon right now. Start reading today when it can still change your tomorrow, not “someday.”